If so: would it be useful for anything? would it be risky as BTC and NMC are linked.

  • So that the whole world can see it? Yes seems like a good idea.
    – Jori
    Feb 16, 2014 at 9:47
  • Perhaps this could be a way to publicly 'burn' a btc. 'Proof of burn'. Since any funds reaching that address would then be grabbable on a first come first served basis.
    – AndyM
    Feb 16, 2014 at 9:51
  • 2
    That is not burning. Because someone else can claim it, most probably you. Burning suggest none can ever access it again, hence the term 'burning'.
    – Jori
    Feb 16, 2014 at 9:54
  • I'll most my comment as an answer, because there isn't much anything else to say, I guess.
    – Jori
    Feb 16, 2014 at 9:55
  • 1
    Yes, but also an unfair one, because miners will probably (if there is a lot of money to gain from the faucet) cooperate to include only their own transactions from that address. I don't see the point anyhow, were are discussing proof-of-burn and faucets here... we could discuss (I'd love to, but just not here) but your questions seems so broad and also I don't see the point of including NameCoin in all of this. The results would be the same if I'd post it on some large forum or created a torrent and shared it?
    – Jori
    Feb 16, 2014 at 10:57

2 Answers 2


Yes, but risk will unquestionably be higher.

You could encrypt it with a hashed passphrase of about two hundred length for English, keep the hash to yourself, and unlock it by hashing your passphrase whenever you need it to unlock the encrypted key.

This is redundant for coins that allow one to hash passphrases into keys. That would be the preferred method: use a passhrase to key system then the private key is never stored anywhere except in memory, yours and the logged client.


Yes. So that the whole world can see it? Yes seems like a good idea.

The NameCoin block-chain is public, although you could encrypt it in the NameCoin chain, but why there? If you are scared to lose any privates keys you should work on your back-upping strategies, not uploading it to the public domain in the hope none will realize it is a ECDSA Bitcoin private key.

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